Maximising income is probably a top priority for any investor that’s into the rental business. While having a regular maintenance check every year is great to ensure your investment doesn’t drop in value, it won’t matter much when it comes to actually maximizing income from your rental, especially when competing against some of the other properties that are available.
So the next time your property is vacant, you can do some stuff before declaring it available again. Whether it’s a minimum investment like a paint-job or a complete overhaul of your landscape, the goal is to get the top dollar out of your property.
Paint the Interior
Your walls are soaking in pretty much everything that’s happening in the house, so after a while, they won’t look as much even if they didn’t change color yet. Painting your walls is probably the cheapest investment you can make, and the one that will bring you the highest ROI (Return on Investment). Since it’s so good, you can even go on and purchase your paint in bulk – which will further increase the return on investment. You can even paint the interior on your own if you’ve got the time to spare, and it won’t cost you a dime. Look for a color that’s going to make the property warmer from the inside, like magnolia does.
Check Your Appliances
Appliances are one of the very first things your potential renter will look at, especially when it comes to your fridge and the washing machine. Having mismatched appliances is fine if you’re looking to get an average price for your property, but if you’re looking to maximize it – you should always try to get a matching appliance package, preferably of very high quality. While this may seem like too much to you, it will give a completely new look to your home and the investment will return to you after a couple of months. Try to find a package with a good warranty, because renters tend to take less care about your stuff than you would normally.
While carpets will go a long way to preserve the looks of your wooden floors, they will never be able to look as pretty. You might argue that carpets give a warmer look to your interior so that it can actually be called a home. But you’re forgetting that your renters probably aren’t looking for a home, since it will never be theirs, but they’re actually looking for a nice place to live in – temporarily. Wood flooring and ceramic tiles are absolutely the best for presentation, and your renters can throw in a carpet if they want to. One place where you can consider throwing a carpet in is the bedroom.
Make Sure There Are No Surprises
To really get the best possible price out of a property you own, you have to do a detailed check prior to meeting with your potential tenants. Otherwise, you’re risking to get a bad reputation online when someone reviews one of your properties. Some of the things you need to pay extra attention to are:
- Make sure that there’s no water damage in the walls. You can easily miss this if you’ve painted the walls recently and go in thinking that they’re fine.
- Consider doing residential pest control from time to time. Pests can cause huge damage to your properties, and even bigger damage to your reputation. Experts from Pestworks recommend doing a pest control at least once per year.
- Check all the cabinet doors and see if they’re working as intended. What sometimes happens is that the hinges weaken over time which either leads to unpleasant noise or the door just falls off.
When it comes to property investments, first impressions are what matters the most. So when your potential tenants look at their future home from the outside – they need to see that it’s the best looking house in the neighborhood. This means pressure washing the outside of the house, planting flowers and trees, and grooming the shrubs. Trees especially add to your property’s value, while they also cut down the costs of air-conditioning. Do everything you can to make your property look amazing from the outside, and you’ll have an easier time getting that top-dollar for your property.
Try to be objective when you’re surveying your vacant property. “Fine” just won’t cut it if you want to maximize the return on investment, so always ask yourself if there’s something that you could do to improve a certain aspect for your future tenants. Also make sure you keep track of everything that’s been repaired, or replaced, just to be able to show it to your potential tenants if they ask for it. By following these steps you’ll ensure that you’re really getting the best possible rate for your property, which will pay off in the long run.